AppLovin Corporation $APP Stake Reduced by EFG Asset Management North America Corp.

EFG Asset Management North America Corp. cut its position in shares of AppLovin Corporation (NASDAQ:APP) by 24.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,672 shares of the company’s stock after selling 4,469 shares during the period. AppLovin comprises 1.3% of EFG Asset Management North America Corp.’s portfolio, making the stock its 9th biggest position. EFG Asset Management North America Corp.’s holdings in AppLovin were worth $9,823,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in APP. Concurrent Investment Advisors LLC boosted its position in AppLovin by 31.5% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,646 shares of the company’s stock valued at $1,627,000 after acquiring an additional 1,114 shares in the last quarter. Lazard Freres Gestion S.A.S. purchased a new stake in shares of AppLovin during the 3rd quarter worth $2,514,000. Thames Capital Management LLC lifted its stake in shares of AppLovin by 114.8% during the 3rd quarter. Thames Capital Management LLC now owns 16,702 shares of the company’s stock worth $12,001,000 after purchasing an additional 8,925 shares during the last quarter. CIBC Asset Management Inc boosted its position in AppLovin by 14.8% during the third quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock valued at $84,160,000 after purchasing an additional 15,074 shares in the last quarter. Finally, Rakuten Securities Inc. grew its stake in AppLovin by 118.0% in the third quarter. Rakuten Securities Inc. now owns 10,540 shares of the company’s stock valued at $7,573,000 after purchasing an additional 5,705 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Weiss Ratings lowered shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Morgan Stanley boosted their price objective on shares of AppLovin from $750.00 to $800.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Piper Sandler reissued an “overweight” rating on shares of AppLovin in a research report on Tuesday, January 20th. Benchmark raised their target price on shares of AppLovin from $700.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, The Goldman Sachs Group lifted their price target on shares of AppLovin from $630.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $706.45.

AppLovin Trading Up 2.1%

Shares of AppLovin stock opened at $535.44 on Tuesday. The firm’s 50 day simple moving average is $634.72 and its two-hundred day simple moving average is $563.64. The firm has a market capitalization of $180.95 billion, a price-to-earnings ratio of 64.98, a PEG ratio of 1.73 and a beta of 2.50. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm posted $1.29 earnings per share. The business’s revenue for the quarter was up 68.2% compared to the same quarter last year. Analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 27,143 shares of AppLovin stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the completion of the sale, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 150 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $693.32, for a total value of $103,998.00. Following the completion of the sale, the director owned 2,829 shares in the company, valued at approximately $1,961,402.28. This represents a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 340,336 shares of company stock worth $200,062,623 in the last 90 days. 13.66% of the stock is owned by company insiders.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.